As the coronavirus pandemic forced manufacturers to halt production, a record plunge in April posted by Germany’s industrial output. Despite a massive stimulus package, firms expect a bumpy road ahead.
A decrease by 17.9 percent posted by Industrial output in April. The steepest decline of -35.3 percent recorded by manufacturers of capital goods. Construction was down 4.1 percent. Output in the energy sector plummeted by 7.2 percent.
The restrictions took their toll on a full scale in April as measures to contain the spread of the Covid-19 were implemented from mid-March, the Economy Ministry said. GDP will shrink by 6.3 percent for 2020 as a whole, the government forecasts. The $146.69 billion (130 billion euro) fiscal stimulus package expected to help economic activity to pick up again in the second half of the year.
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Published on June 9, 2020 4:30 PM (GMT+8)Last Updated on June 9, 2020 4:30 PM (GMT+8)
